Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.1 - Monetary intermediation

250 jobs
Number of planned job losses
Job loss
Announcement Date
24 July 2012
Employment effect (start)
Foreseen end date


Permanent TSB, a state-owned bank, is to make 250 staff redundant, close 16 branches across Ireland and make two exisiting branches self-service locations. It is understood that the bank said it has briefed staff on plans aimed at creating a "smaller, profitable" bank by 2016.

In the frame of the restructuring, the bank will be comprised of three business units - the asset management unit; the bank's mortgage loan business in the UK, CHL; and Permanent TSB itself. It is expected that a 10% reduction on operating costs will be achieved through the restructuring.

The State took control of Permanent TSB following a €2.7 billion bailout in 2011.


  • 24 July 2012: RTE news
  • 24 July 2012: The Irish Times


Eurofound (2012), Permanent TSB, Internal restructuring in Ireland, factsheet number 74018, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74018.